I HAVE SOME QUESTIONS ABOUT A 1099 TAX PAPER?
I HAVE SOME QUESTIONS ABOUT A 1099 TAX PAPER?
i make about $11,000.00 on the side every year and this coming up tax time i want to do a 1099 can someone tell me how to get a tax number and where to buy the 1099 from. i need step by step help i am no good at this kind of stuff. thank you
Answers:
Judy: Depending on who you get that $11K from, THEY might give you a 1099 but you don't buy one or do it for yourself. And you don't need a tax number to file this income, you do it on your regular tax return with your ss#. If you have been making money on the side and not reporting it in previous years, you need to amend those years also and pay whatever you owe.
When you file your return, your side income and any allowable associated expenses will go on a schedule C, using your own records for the numbers - you are legally required to keep accurate records for side income. You'll also file a 1040, which will show not only the side income but any other income you have; and a schedule SE.
If you're "no good at this kind of stuff" you should consult a professional tax preparer to do it for you.
You should also be filing quarterly estimated returns using form 1040ES and sending in the tax on the money you made that quarter. If you don't, you are going to have a huge tax bill, and also owe penalties.
2010-06-10 14:20:07
2010-06-10 14:20:07
StephenWeinstein: The 1099 is what is (supposed to be) given to you by the person who paid you the $11,000. You do not do it yourself; the payer does.
The forms that you do are Form 1040, Schedule SE, and either Schedule C or Schedule C-EZ. If you have a printer connected to your computer, then you can download them from http://www.irs.gov and print them yourself. If you do not have a printer, you can have the IRS send them to you by U.S. mail, but it takes longer.
2010-06-11 08:49:54
2010-06-11 08:49:54